Gelonghui, April 30, 丨 Best Star Holdings (01168.HK) announced that on April 30, 2024, the company entered into a subscription agreement with the subscriber (controlling shareholder and non-executive director Mr. Ou Yaping). According to this, the company conditionally agreed to issue, and the subscriber conditionally agreed to subscribe or procure its nominee to subscribe for convertible bonds with a total principal amount of HK$200 million.

Assuming that the number of convertible bonds is converted, a maximum of 2.353 billion shares will be issued, accounting for about 36.91% of the company's issued share capital on the date of this announcement and about 26.96% of the company's issued share capital after expanding the number of shares issued. The initial exchange price of HK$0.085 per share is equivalent to the closing price of HK$0.085 per share reported on the Stock Exchange on the date of the subscription agreement.

The Company intends to use approximately 60% of the net proceeds (i) for the Group's business development, including but not limited to continuing to develop the financial services business and becoming more active in fintech, such as continuing to actively cooperate with leading fintech companies in the market when investment opportunities arise; (ii) about 30% to repay some of its outstanding bank loans; and (iii) about 10% for general working capital to strengthen the company's financial position.